BJP (People’s Party of India) MP Nishikant Dubey shared his views on the hot topic of cryptocurrency. Dubey claimed on Monday that crypto works on the same technology as the ‘dark web’ and will sooner or later be used for drug deals, illegal arms sales, and even terrorist financing, NDTV reports.
Nishikant Dubey Insists Crypto Will Become a Tool for Malicious Practices
Recalling the Dutch “Tulip Madness” of the 1600s, Dubey says there is a striking similarity between the current crypto situation in India and the “Tulip Frenzy” and it should be stopped immediately.
Dubey also stated that another MP in the same party has been advocating a ban on crypto for more than 7 years. Alongside this, he talked about how the Reserve Bank of India (RBI) has always maintained its stance on a complete ban on crypto.
According to Dubey, he echoes the fears of the entire world when he says that the activities of a blockchain that is not owned by anyone can be uncontrollable.
Meanwhile, the country’s Finance Minister Nirmala Sitharaman recently claimed that the Indian government is currently working on the new crypto bill.
Finally, as we recently reported, Nischal Shetty, CEO and co-founder of India’s largest cryptocurrency exchange WazirX, revealed that there have been alarming “unconfirmed reports” about the impending crypto crackdown in the country. Shetty made various warnings about possible developments.